Metanor Intersects 26.36 g/t Over 4.08 m, 17.24 g/t Over 5.64 m and 16.81 g/t Over 5.73 m at Bachelor
VAL-D'OR, QUEBEC, CANADA -- (Marketwire) -- 05/16/12 -- Metanor Resources Inc. ("Metanor") (TSX VENTURE: MTO) is pleased to provide a new update of its exploration work at the Bachelor project.
Metanor continues underground drilling of the "Main" and "B", veins from the level 15 of the Bachelor Lake mine. To date, 20 holes totaling 6,370 meters of drilling were completed. These drill holes targeted areas to further increase the resource aiming at known extensions of the "Main" veins and "B" between the 14th and 15th levels.
Recently, a second drill was put into operation. This drill located on the 13th level is targeting the lateral extensions of the "Main" and "B" veins between the 12th and 14th levels to provide supporting information for the continued mine development on these levels. To date, 3 drill holes totaling 320 meters of drilling were completed on level 13.
The following table summarizes the most significant intersections obtained since the publication of the last press release (REF.: February 29, 2012) :
---------------------------------------------------------------------------
Drill Hole From(M) To(M) Width (m)(i) Grade g/T Zone
---------------------------------------------------------------------------
13-001 48.04 48.25 0.21 4.16 C-2
---------------------------------------------------------------------------
13-001 56.24 56.45 0.21 16.00 C-1
---------------------------------------------------------------------------
13-001 80.62 84.70 4.08 26.36 Main
---------------------------------------------------------------------------
15-001 237.74 245.52 7.78 0.22 B
---------------------------------------------------------------------------
15-002 232.92 239.29 6.37 1.60 B
---------------------------------------------------------------------------
15-004 226.62 229.97 3.35 3.40 Main
---------------------------------------------------------------------------
15-004 236.04 238.48 2.44 6.50 B
---------------------------------------------------------------------------
15-005 216.92 222.56 5.64 17.24 Main
---------------------------------------------------------------------------
15-008 207.42 215.40 7.98 0.68 Main
---------------------------------------------------------------------------
15-008 239.60 243.84 4.24 1.03 B
---------------------------------------------------------------------------
15-010 242.19 246.52 4.33 6.74 B
---------------------------------------------------------------------------
15-012 246.92 248.41 1.49 8.25 B
---------------------------------------------------------------------------
15-013 235.55 239.24 3.69 4.49 Main
---------------------------------------------------------------------------
15-014 239.11 244.70 5.59 4.37 Main
---------------------------------------------------------------------------
15-014 268.50 276.83 8.33 5.31 B
---------------------------------------------------------------------------
15-015 183.87 190.88 5.52 3.84 Main
---------------------------------------------------------------------------
15-015 259.23 264.57 5.34 2.07 B
---------------------------------------------------------------------------
15-016 232.71 233.69 0.98 7.63 Main
---------------------------------------------------------------------------
15-016 249.42 255.15 5.73 16.81 B
---------------------------------------------------------------------------
15-017A 201.78 206.12 4.34 4.67 Main
---------------------------------------------------------------------------
15-017A 268.62 270.99 2.37 5.02 B
---------------------------------------------------------------------------
((i))All intercepts represent the true core length
Metanor is very encouraged by the results achieved to date in its efforts to increase the resource at its Bachelor Lake mine project. It is now planned to maintain permanently the presence of at least two drill rigs underground in order to continue to achieve the following objectives: Further increase the resource and continue the development of the mining project into production.
In addition, in the third quarter, Metanor intends to initiate a series of drill holes to probe the Bachelor deposit up to 1,000 feet below 15 (level 15 is located 2,300 feet below the surface) since the recent drillings confirm the deposit is open at depth.
The true width is approximately 80-90% of the core length obtained in diamond drill holes. The samples were assayed by fire-assay at the Metanor assay lab. The quality control program of the assay results (QA QC) adopted by Metanor includes a minimum of 10% of controlled assays being conducted as well as verification by an independent external assay lab.
About Metanor
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient exploration, and development of it properties. Maintaining a low risk profile through a strong operating team, sound financial management, and operating in secure jurisdictions like Quebec are key priorities for Metanor's management team.
Qualified Person
Pascal Hamelin, P.Eng, Vice-president of Operations, is the Qualified Person under NI 43-101 responsible for reviewing and approving the technical information contained in this news release.
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
226,639,754 outstanding shares
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Ronald Perry, Vice-President
514-262-8286
rperry@metanor.ca